Retailers that partner with AFM enjoy broad coverage that is designed to insure best-in-class stores, warehouses and distribution facilities.

Our engineering services help us identify these best-in-class clients and then work with them to continue to improve their risk profile. We believe that better protected retail clients deserve better insurance programs.

Coverage is provided on the proVision policy platform which has:

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Comprehensive single blanket limit

A single blanket limit inclusive of real property, personal property, business interruption and boiler and machinery provides retail clients with optimum flexibility during large losses.

Single blanket-limit coverage provides retail clients with greater flexibility. Let's say there is a significant fire loss at a warehouse with reported inventory (personal property) values of US$25 million. Unfortunately, this fire occurred during peak inventory time and there was actually US$35 million in inventory at the time of the loss. If the client has separate limits for real property (RP) and personal property (PP) their PP loss may be limited to the reported US$25 million. However, if they have one single blanket limit, there is some buffer for the PP values to use the total limit of US$135 million.

In addition, AFM's proVision policy gives coverage on a replacement-cost basis with no margin clause or coinsurance.

Read more to see the benefits of embedding boiler and machinery coverage in the proVision retail form and single blanket limit.

Sublimits: Traditional machinery and equipment breakdown policies limit coverage for spoilage, ammonia contamination and hazardous substances. The proVision policy removes these coverage limitations. In addition, expediting expense coverage, typically only found in M&E policies is included in the all-risk policy, extending this coverage to losses beyond just those that are M&E-related.

Broad definition of covered property: M&E policies typically have to name the type of property insured, such as boilers, fired and unfired pressure vessels, as well as electrical, mechanical and production equipment, which are included in the definition section of the form. With M&E in the all-risk platform, coverage is now broadened for all types of property, unless otherwise excluded.

Broadened cause of loss wording: With M&E coverage embedded into an all-risk form, clients receive broadened coverage for all direct physical loss or damage to insured property, unless otherwise excluded.

Joint loss agreements: When there are separate property and M&E policies, and an M&E event causes damage to property outside of the scope of the M&E policy, there can be complications in settling the claim between the M&E carrier and the all-risk property carrier. These complications are removed when it is all insured under the same policy.


Flexible valuation wording

Do your reported values align with your expected coverage during a loss?

Aligning retail clients’ valuation with policy terms and conditions is critical. Doing this involves understanding critical issues, such as how retail goods are valued at different points in the sales channel and how goods are valued at warehouses that serve both online and brick-and-mortar retailers.

The proVision Retail form can be easily customised to make sure that insurance valuations align with the client’s business model—and the actual value of retail goods.


Coverage designed specifically for retail firms

The retail business is tough enough without having to struggle to get the coverage you need. AFM has designed an insurance policy that automatically provides retail-specific coverage.

The proVision Retail form delivers coverage that meets the unique exposures of retail clients, here are a few examples:

  • Supply chain coverage provides extended contingent business interruption coverage to protect business income exposures all the way through the supply chain.
  • Control of damaged merchandise is included with no specific sublimit.
  • Logistics extra cost extends additional coverage when there is a disruption of the insured's ability to move their personal property.

Clients with worldwide exposure can also benefit from our international capabilities.